HK exports growth gallops at fastest pace in four decades, up 65pc in September

Hong Kong's exports posted the fastest monthly expansion pace in over four decades in September, up 64.9 percent year-on-year, as the global artificial intelligence development continued to power demand for electronic goods, data from the Census and Statistics Department showed on Wednesday.

The growth is also far above the market forecast of 51.6 percent, marking the twentieth consecutive month of double-digit growth.

The robust figure came after an increase of 53 percent in August. The value of total exports reached HK$762.6 billion last month.

Imports jumped by 57.8 percent to HK$808.9 billion, surpassing the market estimates of 52 percent.

The city recorded a visible trade deficit of HK$46.3 billion, equivalent to 5.7 percent of merchandise imports.

For the first nine months, the value of total exports rose 45.2 percent, while that of imports climbed 45 percent. 

Looking ahead, Hong Kong's trade performance will continue to benefit from the prevailing wave of robust AI-related investment and the resilient global economic growth, a government spokesman said.

Nonetheless, external uncertainties warrant close monitoring, including the Middle East conflict, trade protectionist measures by major economies, and risks associated with the rapid expansion of global investment in AI, the spokesman added.

Notably, exports to the United States and Mexico showed strong performance, growing 133.4 percent and 148.1 percent, respectively.

Total exports to Asia as a whole increased by 67.5 percent in September, among which exports to Taiwan rose 159.3 percent, Malaysia by 131.5 percent, Thailand by 118 percent, Singapore by 77.5 percent, and mainland China by 68.1 percent.

In terms of major commodities, exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" increased by HK$155.6 billion, or 66.2 percent, while that of "office machines and automatic data processing machines" expanded by HK$87.7 billion, representing a growth of 183.7 percent.

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